it's a precious number just like gold is a precious metal and you have monetary metals like gold that are used as money and over thousands of years as we enter the next period of our life here on planet earth humans will switch from the monetary metal of gold to the monetary number numeral as ation of bitcoin which is a precious number there are twenty one million of these precious numbers to be mined in total and they are the monetary new numeric city that will carry us into the twenty first century so china is correct and the chinese people are correct if they ever want to preserve their wealth they have gold silver and bitcoin to do so now back to the story about germany accepting it as private money so c.b.c. went on to interview kathleen brooks a research director at fork's dot com and she told c.m. b c i think it is interesting that germany has gone ahead and given legal status to the bitcoin as it could become an alternative to the euro if the single currency ever ceased to exist if the euro does go belly up the german authorities could

potentially still collect tax everyone started using bitcoin that's a good example of german forward thinking well the germans appreciate the engineering behind but gone the germans appreciate that the i.m.f. is bankrupt and that if the euro were ever to encounter some existential crisis the i.m.f. is not going to bail out the euro but bitcoin could potentially bail out the euro and they talk about bitcoin being able to extinguish debt this is generally the terms used by the austrian school of economics that talk about gold as the only debt extinguisher that is worthy of the name and now we have bitcoin so the only thing we don't have is the majority of the austrian economic school adopting or accepting bitcoin for what it is and we are but they will they will fall like dominoes one by one they will all come over to the side of the debate a citi group also this past week while the world's media was paying attention to the china story citi group also said. that reserve managers may be starting to look

at bitcoin as well and that it would be better actually than the s.t.r. for example you know jim rickards theory that will fold over all of global debt into an s.t.r. well this could be better he said because it's no individual currency is just of the representative nation states is a separate currency on its own like the s.t.r. was originally designed to be a trade currency well he said this citigroup analyst said that it wouldn't be something that reserve managers would move into first but their incentive is not to be the last and if they start looking at bitcoin then it would be put the u.s. dollar in jeopardy you know right it does it will it will kill the u.s. dollar that's without question the question is will it replace the special drawing right term in terms of settling international debt obligations as the currency crisis and currency wars continue i think jim record so you mentioned you wrote the book currency wars bitcoin is not on his radar he doesn't understand that this is

actually a superior mechanism for a currency war enabler then the special drawing rights his to his money of the i.m.f. that he talks about as being the go to currency as you have a recalibration of the global currency grid i think he's going to be wrong i think because he's going to be the go to currency the s.t.r. will end up just being another over leveraged pile of junk that is useless and you know i think jim records will also come over to this way of thinking about actually well i think the interesting thing here is not to look at the price it could be one hundred dollars it could be fifty dollars it could be a thousand dollars it could be five thousand dollars the interesting thing is the debate in that discussion happening and this is only less than four years after it was created less than four years after the nakamoto it's spread this idea out into the world and it's up at the level of federal reserve bank of the people's bank of china these are discussions happening at that level across a banking analyst now looking at ways that this could be used what it actually means what big. point actually means and i'm going to take us to this next headline

here this is quite simply the biggest endorsement that big queen has ever received this is according to business insider who are very much against bitcoin previously and now they're big cheerleaders for it david wu f.x. and rates strategist at bank of america merrill lynch said we believe bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money transfer providers as a medium of exchange between has clear potential for growth and our view and with that he provides this chart which compares it to western union as you see blue is the western union and red is big and if you notice western union income was down twenty percent in the third quarter this year when they had to reduce their rate their transfer fees well they have. a maryland bank of america clearly copying my work i mean it's almost quoting me verbatim he's making

a reference to silver which i done already in his price target is thirteen hundred dollars for a bit coin that's my price target was recently raised to fifteen and then seven hundred dollars based on ron paul's endorsement bid going so merrill lynch is trying to get into the max kaiser business why don't i don't be smirched him for doing so it's a great business to be in that's why so many t.v. shows mimic the show so many investment banks mimic what we do that's why business insider is not going totally around to do what we do all the time henry blodget now mimics joe wiesenthal mimics us pretty much where the market a bit going around the world and that's the way it should be because our track record our history goes back to will currencies ok well we were the first to talk about it for two years but let's look at exactly what he says what the quote is from david wu regarding what the valuation of bequia why he thinks it should be worth thirteen hundred dollars and why it could be worth more in the future and this is where he references something that you've brought up here on the kaiser report quite a while ago our fair value analysis suggests that to justify the current bitcoin valuation it will need to watch. account for at least ten percent of all global

commerce b. to c. transactions business to consumers to become one of the top three players in the money transfer industry and three acquire a store of value reputation close to silver so this is where you come in max this is what you were comparing it to silver right now ten billion dollar value ation silver is at about twenty billion now you know it's a straight rip off of everything i've said everything we've said on the show and the wall street game is to come up with a target thirteen hundred dollars in this case for merrill lynch bank of america they then will raise that target according to their they want to become the x. as it's called on wall street when the top analyst on the street corner an institutional investor or some other you know reputable or reputable you know analysis will look at one or two firms that are the price maker market maker and merrill lynch was to be the biggest player in this i don't blame them of course ok well and you also brought up ron paul so let's talk about what ron paul said everybody knows that ron paul said ron paul because you could destroy the dollar we

know that he said that but there was an interesting point made in the articles talking about him saying this and i want to call upon that even economists who embrace the power central banks like university of michigan professor miles kimball recognize the currencies potential bitcoin. fine the curve campbell said it demonstrates there's a demand for an outlet tronic equivalent of cash so here we are in this new era where the people wanted something it was not provided by the too big to fail banks who were merged and connected and wrapped around government they protect each other's monopoly the banks protect the government's monopoly the government protects the banks monopoly they were not willing to provide the services that the consumer demanded the people demanded and a globalized world the people themselves came up with this currency which is much better than anything that the governments themselves have imposed upon us and we

see that based on their response that they're actually issuing white papers themselves about what bitcoin is and what it could be well it this is the first virtual currency a cryptocurrency that made it through the government gatekeepers keep in mind that this goes back almost twenty years now when virtual currencies were first invented thanks to my technologies so this is the crypto currency has made it through the government gatekeepers but they'll come after like they came after files sharing and napster and aaron schwartz and all the the folks are there to take it down but it will drive especially when bitcoin marries with pirate bay and therefore the m.p.a. the are i going to go finally out of completely out of business and this is really a fight that i've been fighting for twenty years so it's great to see this chapter now is a winning chapter well you know many people argue against that point saying well you have to pay your taxes we did see a police chief in kentucky recently start accepting his payment in big coin but

first the town is paying his federal and state local taxes and then paying him the rest that he then doesn't owe us dollar taxes on but finally i want to look at this final bit about this the future of what these digital currencies and crypto currencies holds. because it was hardly the first attempt at a digital currency that operates outside of state boundaries e-bay is pay pal plans to launch a digital interplanetary payment system there's also growing support for a concept called seasteading floating cities on international waters where business and innovation aren't held back by laws starting is it national application for paid calling to create your own sovereignty yet pay tax to your taxes or ok pay whatever you think makes sense but any current government tax demands are ludicrous because i support a military that's out of control and does nothing good for anybody ok well we're out of time john mcdonogh time to time to go ok well i have to go get some more

there is intergalactic currency units because i'm heading to andromeda galaxy later make sense of the second to a lot more. right . first for you and i think you're. on our reporters. in. the in the. i was thinking somehow i had to come back because mom was waiting for me. i just knew that everything would be fine for some reason we were so confident because we were going

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dropped. to fifty. welcome back to the kaiser report imax keyser time now to turn to dr kristen laos c f o of the university of. cyprus crystal's welcome to the kaiser report thank you very much it's an honor to be in the troop right fantastic now your university is the first in the world to accept big coin. what tell us about. actually the initiative because he's an educational conglomerate and i would say because at the university of a nigga see it as a conglomerate it's a calamity because we have apart from the university we have a punishing so just who has to do. with my money to school we have just

because of cyprus and now the students eight thousand five hundred students and i look at it we have many companies all over europe and to host us here only programs proto words and you're the c.f.o. chief financial officer and you recognize that opportunity in bitcoin is just part of what happened when there was a bell and going back to earlier this year remember there was a huge bell and there was a confiscation of people's bank accounts is this what the bell rang and suddenly bit coin became something to do actually it has nothing to do with the bailout and the crises we have in this having requests from all over the world from students enough asia even the medica what the university courses from their own countries and especially for almost a bungie just what they're worth who want to pay us and be coins in the last couple of months so we experiment to see sure we studied each and we came up with a conclusion that would be excellent payments and i thought for the students

cheaper less. safe. and that we decided to adopt two because each term into the twenty just all of the current. payment. comes ok and you also offer degree is encrypt oh currencies correct in a clearly said must this will be a cut and sees how the future occurrences will affect businesses regularly they respond kudos account times lawyers mischance consumers it's not actually a course he could total a fee each of course about the public at large and that business is not large how we have money every day life this is what we want to study in these months of program ok now one of the questions people have about using big client in a practical sense is the large volatility is a price movement from in hundreds of dollars in a day as a c.f.o. a chief financial officer of a major university what are your thoughts there is that

a problem or how do you address that yeah actually a bit queen us or other cutters can be used by that of us a mutual exchange or to start over us an investment i think would eventually we would be using that between us if full exchange it's a mix in the form of change the split of value if you dismiss concerns we would not be out there taking any risks that these we would be accepting be queen as a full payment to them to yourself if they did for example if a student from kenya was to pay one thousand euros and on the point of payment the two hundred euros two would be queen he would send us over five points and immediately we converted to one thousand even the rate is five hundred he was going to do to be coins and he needed to we convert it to one total you write your university they might use a service like bit pay for example and they can convert any currency using the big point of the transfer mechanism and then into the local car and say you're really in the same transaction you're taking no currency risk whatsoever and that's

interesting point now if you have students coming from kenya and you're and countries where the capita per resident is very very low if. are using big coin which is a much cheaper way to send money and use money is it is it is it make a difference in terms of now suddenly there are more people who can get an education because of the cost effectiveness of a big coin in other words is having an effect on the the number of people now can actually seek an education due to the cost savings from a big point yeah actually we are launching this special scholarship program for students in poor countries is called uni cuff you assumed. front that we would be offering special school shoes to students from poor countries and also give them the push you need to pay through between which would make their studies even more cheaper more attractive so here's another use of bitcoin was

a far as i know has never been discussed it's lowering the barrier to entry for higher education for millions of people due to its cost efficient efficiencies and this of course will then mean a lot more educational opportunities all over the world and as your university in cypress i take it would be the first to do this it anywhere in the world but the more would follow i would think yes i. believe. behind all of these what would be attention is the fact that you have pointed out. it's only should have and will make education more attractive to push students all over the world at least twenty for the truck to a plan b. just point right now let's talk about cyprus because bitcoin was trending higher over a number of years and people were looking at this thing as a curiosity more than anything else and then suddenly there were the huge crisis in cyprus that price spikes from forty to to sixty and people realize that way this is a really a way for folks that are being abused by the banking system to preserve their

wealth to escape the abuse of the banking system you were in cyprus at the time what was the feeling on the street was was was it really because from the outside we have the in price. that it was spread like wildfire something big going emerges and it was talked about immensely is that true or what was really going on actually at that time back in march and april of this year when we had the bailey and the people. in the streets didn't really know about be calling. anything that was happening i don't be quite of the time or so mainly from the queen or some the community outside cyprus or only a few people knew about doubled between and i believe that. the price increase of them the cosh in the press would be queen when i'm not to cyprus i will see ok so more and more activity really outside of cyprus and then inside cyprus itself but

nevertheless it did kickstart a tremendous move from they double digits to the triple digits and now they quadruple digits when you said earlier that it's both a means of payment and also store of value let's talk about the store value for a second because some are estimating that you could look at a big coin as you would a precious stone like a diamond and it could be worth a million dollars per because even hugh hendry who's a respected hedge fund manager here in london recently has said that bid going could be worth a million dollars per bitcoin ron paul a famous politician in america has come out recently and said that he thinks that big coin is the killer of the u.s. dollar and we'll get to that for in a second but what do you think about this idea that the price could trade up to you know a million dollars per bitcoin can you talk a little bit about that yeah i said hit us a university doesn't it usually we want to study about because you know about the advantages and so on and so forth and we have decided to accept it doesn't mean

change it we are not taking any position as a university about the potential. value i have of course my own personal. don't know about but what is your personal opinion about that i believe that the idea. of for be queen to become. pope was thought of with but but my personal opinion ok let's circle back then to this question about what ron paul was saying recently ron paul i think he's a pretty well known politician around the world really because he's been out front in criticizing the federal reserve bank of america which is analogous to the european central bank and the european central bank of course has a direct impact on what happens in cyprus and other peripheral countries such as grace and these central banks whether it's the bank of england or bank of japan they're all really coordinating under the master central bank the bank of international settlements in switzerland and ron paul has been critical of this

entire central bank centralized monetary authority that seems to favor one element society that is those who have access to money at zero percent interest rates for speculation while it penalizing workers and savers but the linchpin of this entire global central bank system is the u.s. dollar as a reserve currency as a c.f.o. of a major university your thoughts on can the u.s. dollar continue this role as world reserve currency. and is it good or is it bad and can bitcoin challenge that role. i believe that it will before. it will do you have outlined right now i believe that. the dollar will continue to pay that all of its pain cut and lee but it will have to face to face a lot of challenge from b. clinton i kind of sure you ok so basically what i'm getting so far is that you are

very happy that big point is unable your university to get more students at a better price and expedite the whole educational process and that's the main emphasis behind supporting because that's true however we have much more ambition. concerns we want through these problems of that we have made to the types governments' chukotka type hop it was for the queen trading prophesying and biking and we have made this specific proposals for the government us to how we can achieve that you know once a country we don't have to look at expo could be this we have to resume of private universities but we don't really export anything however we have a once in a lifetime opportunity with bitcoin to convert the she could economy into a hub for white trading pay pay and systems banking based on because let me get this straight so you're saying that you are petitioning the government to allow for

cyprus to become a global hub of bitcoin activity as as and take the lead position so while other countries are thinking about it and trying to examine it like the us or the u.k. they're not sure exactly what it is and there's a lot of lobbying efforts in the banking industry really against it because it's competition cypresses now you're lobbying the government take a position this is a once in a lifetime opportunity we want to be a world leader and we want the business were open for business for a bit going is that the message i phrased that seat we want to me it makes i proved this central or went to sort of be clean trading process you know but he's got something we have about a minute left can you. some of those initiatives. if for example the government coming to a public statement could be seen as out of it what kind of cyprus. would house be queen being traded in the. cyprus till the change it would be the first of the big going to be traded on the cyprus stock exchange this is one of hope as well as

a proposal yup much of now having to will change under the auspices of the government having been a big trading it would have truck trading for a lot of that worked we would have. related businesses have visas being developed we would create thousands of a few jumps. they put these greats like singapore is the asian for banking and london is certainly in europe for banking cyprus could be a big point for the globe and bitcoin trading and related services that's your that's your hope that's your thought the government so far we have about twenty seconds the government so far what has been their response. has been. from what we're trying to say couple of days and he said they are very positive and they will study isa very carefully in the next coming days all right fantastic well we wish you luck i think one country will be the big one or it could be cyprus could be we

wanted to be and we make every a fourth well thanks so much for going to guys report thank you very much and that's going to do it for this edition of the kaiser at par with me max geyser and stacy herbert i'd like to thank our guest dr christos the loss of the university of nicosia in cyprus if you like to get in touch tweet us at kaiser report until next time. for the new book the moment life. on the face. pleasure to have you with us here on t.v.

today. i play this cleaner. love with a waitress on stage managing that there's an audience i used to take drugs and drink like a fish called the police told me about the circus but i was such a punk i was like what circus. circus of clinton's gonna. break down stereotypes about kids from disadvantaged backgrounds. they look like bounty islands where the locals can enjoy the sun and the ocean.

was buried here years ago. means these people are suffering the consequences. how much more poison on the ground. behind this there is what we call the bank on which there is a deposit of plutonium left by security test which caused the dispersion already and you clyde's despite previous cleaning efforts there remains a deposit of a little less than two kilos of plutonium stuck in the rock the coral reef about ten metres down. tests a never ending legacy. please please. please please.

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ukraine's president agrees to consider some of the oppositions to moms as the country's capital attracts e.u. and u.s. diplomats meeting with both sides of the standoff. police push back anti-government protesters and clear some of the barricades set up along parts of the city to return to work days of paralysis. also this hour the u.k. warns companies against dealing with israeli partners in the occupied territories saying that legal status makes business binding risky for british. and a busy start in the wake of not having met the country's top human rights watchdog to discuss a mass amnesty the russian president orders the military to focus on the coldest yet we all take our top stories.